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Prime Minister Narendra Modi at BRICS Business Forum in Brasilia
Prime Minister Narendra Modi at BRICS Business Forum in Brasilia

Despite recession, BRICS nations contribute to half of global economic development: PM Modi

ANI | Updated: Nov 14, 2019 03:52 IST

Brasilia [Brazil], Nov 14 (ANI): Prime Minister Narendra Modi on Wednesday (local time) said despite a global recession, member nations of the BRICS forum, including Brazil, Russia, India, China, and South Africa, contribute to almost half of the world's economic development.
"BRICS nations contribute 50 per cent of the economic development of the world. Despite the global recession, BRICS nations have contributed to economic development and brought crores of people out of poverty. New avenues have also been reached in the field of technology and innovation," Prime Minister Narendra Modi at BRICS Business Forum in Brasilia.
While addressing the crowd, the Prime Minister also stated that an easier intra-BRICS business will contribute to a faster flow of exports and imports between the countries.
He said that the "diversity between our member nations is another important factor" that can contribute to boosting trade ties. For example, the Prime Minister added that if one country has enhanced technology then the other has an abundance of raw material to sustain that technology.
"Therefore, I request all the member nations to chalk out the details so that we can invest into joint ventures by the next BRICS summit," Modi added.
Meanwhile, welcoming the decision of the Brazilian President to grant visa-free travel to Indian citizens, the dignitary said, "I thank the President of Brazil, Jair Bolsonaro for the decision to give Indians visa-free entry in the country."
BRICS nations should further deliberate on a social security agreement, the Prime Minister noted in his concluding remarks at the forum.
A large business delegation from India addressed the BRICS Business Forum along with other countries earlier today.
The Prime Minister arrived in the Brazil capital earlier today on a two-day visit to attend the 11th BRICS summit being held at the South American country from today.
Following a packed schedule the next day, on November 14, Modi, along with other world leaders, will attend a closed-door BRICS session wherein discussions will focus on challenges and opportunities for the exercise of national sovereignty in the contemporary world.
This will be followed by the BRICS Plenary Session where the leaders will discuss the intra-BRICS cooperation for the economic development of BRICS societies.
"I look forward to exchanging views with other BRICS leaders with the aim to further strengthen intra-BRICS cooperation. Our business and industry play an important role in Intra-BRICS ties. I will be addressing BRICS Business Forum and interacting with BRICS Business Council and New Development Bank," the Prime Minister said in a statement released prior to his departure for Brazil on Tuesday.
Thereafter, all BRICS leaders will meet BRICS Business Council during which the Chairman of the Brazilian BRICS Business Council will submit his report. There will also be another report submitted by the president of the new Development Bank. A BRICS Memorandum of Understanding (MoU) on trade and investment promotion agencies is also expected to be signed.
In the conclusion of the summit, leaders are expected to issue a joint declaration.
BRICS brings together five major emerging economies comprising 42 per cent of the world's population, having 23 per cent of the global GDP and around 17 per cent of the share and world trade.
This year the joint working group on counter-terrorism has decided to constitute five sub-working groups on counterterrorism in the following areas. Terrorist financing, use of the Internet for terrorist purposes, countering radicalisation, issue of foreign terrorist fighters and capacity-building, the MEA said in a statement.
In the area of counter-terrorism, India has taken the lead over the years to galvanise BRICS. It has worked closely within BRICS to not only take a strong stand against terrorism but also to bring about focused consultations on specific aspects related to terrorism.
It is expected that India will chair the subgroup on use of the Internet for terrorist purposes, it added.
Through a network of high level and working group meetings, the BRICS agenda has expanded considerably to include issues of mutual concern. In the run-up to the summit, several ministerial meetings in different sectors have already taken place. (ANI)